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Hi,

Could any of you kindly direct me to a site that explains how to pay projected taxes on a aquarterly basis? My husband is working as a contractor and does not have money deducted for taxes. I want to make sure we go about paying the taxes as we go along in the proper way.

best,
oldtoyota
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Could any of you kindly direct me to a site that explains how to pay projected taxes on a
aquarterly basis? My husband is working as a contractor and does not have money deducted for
taxes. I want to make sure we go about paying the taxes as we go along in the proper way.


The IRS has a publication 1040ES explaining this, and both Fool and Fairmark press have explanations. Actually you could read IRS Form 2210 and its instructions which says it all because that is the form you must either file or comply with its exceptions (referred to as "safe harbors").

There is one calculator available that will correctly compute the minimum quarterly installments required as you go along at http://www.edcosoft.com . It is the only one that does not require you to estimate full year taxes/ Its instructions have a considerable amount of practical information regarding quarterly estimates as well as integrating it with withholding from a salary. ed


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Thanks...did you design that software you mentioned?

best,
oldtoyota
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yes.
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